ATLANTA, GA – Cushman & Wakefield announced today the commercial real estate services firm has arranged the sale of 565 Hank, a 306-unit apartment community located in Atlanta, Georgia’s Summerhill neighborhood.
Robert Stickel, Alex Brown, and Michael Kay of Cushman & Wakefield represented the sellers, Carter and Kayne Anderson Real Estate, in the transaction. GID, a real estate private equity investor and manager, acquired the property.
“Carter’s vision for Summerhill and the thoughtful design of 565 Hank has created a compelling asset for both residents and capital,” said Stickel.
Built in 2021, 565 Hank is strategically positioned at the epicenter Atlanta’s transformative Summerhill development, Carter’s 80-acre redevelopment of Turner Field and the surrounding area. The mixed-use project located just south of Downtown Atlanta includes new multifamily, student housing and townhomes, chef-driven restaurants and retail along Georgia Avenue, Georgia State University athletic facilities, a forthcoming 50,000 square foot Publix grocery store, and future office, residential and retail projects.
The area has proximity to the city’s most influential employment nodes, colleges and universities, airport, and transportation hubs. In addition to its prime location, the property features flawless finishes and a high-quality design.
Brown added, “GID recognized an opportunity to build upon their growing Atlanta portfolio and leaned into the robust growth potential in the multifamily sector.”
The amenities at 565 Hank are best-in-class and include a 24-hour fitness center, multi-entrance-controlled access parking garage, two-story clubroom with a fireplace and kitchen/bar, park-inspired courtyard, and a resort-style swimming pool with lounge space and skyline views. These features position the property for continued growth and long-term sustainability.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.
About Carter: Carter is a 63-year-old, Atlanta-based commercial real estate development company with major multifamily, mixed-use, adaptive reuse and office projects throughout the southeastern United States. The company is currently in the process of developing over $450M of mixed-use projects in the Atlanta area, including Summerhill, the 80-acre redevelopment of the former Turner Field area; MET Atlanta, an over 100-year-old industrial property-turned-creative campus; and the Lee Street Mixed-Use development, the first Class-A multifamily and office complex in the heart of the Atlanta University Center. Founded in 1958, Carter has a proven history of creating value for its partners, investors and clients. A strengths-based organization with a culture based on trust and candor, Carter's purpose is to make a difference in the world by transforming spaces so people can thrive.
About Kayne Anderson Real Estate: Kayne Anderson Real Estate ("KA Real Estate") is a leading real estate private equity investor in medical office, seniors housing, off-campus student housing, multifamily housing and self-storage. KA Real Estate manages over $13.3 billion of real estate AUM (as of 11/30/21) across opportunistic equity, core equity and real estate debt. KA Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $31.1 billion alternative investment management firm (AUM as of 11/30/21) with more than 37 years of successful experience in the real estate, renewable and energy infrastructure, energy, credit, and growth capital sectors.
About GID: GID is a privately-held and vertically-integrated real estate company that develops, owns, and operates a portfolio of multifamily, industrial, and mixed-use developments. With corporate offices in Atlanta, Boston, Dallas and San Francisco, GID is an experienced real estate private equity investor and manager supported by an integrated operating platform and has 60 years of experience across multiple asset classes. GID’s existing and under-development properties are valued at over $20 billion. During its 60-year history, GID has developed, managed or acquired over 79,000 residential units and 32.2 million square feet of commercial space in twenty-four states. The current portfolio includes over 37,000 residential units, 1 million square feet of retail and office space, and 18.8 million square feet of industrial space. More information is available at www.gid.com.
About Cushman & Wakefield: Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.